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The case of Korzinka supermarket chain was discussed at one of the discussion panels of the EBRD Annual Meeting in Samarkand

Life of Korzinka

May 18, 2023

The case of Korzinka supermarket chain was discussed at one of the discussion panels of the EBRD Annual Meeting in Samarkand

Life of Korzinka

May 18, 2023

18.05.2023, Tashkent, Uzbekistan — In 2020, the company attracted investments from the EBRD in the amount of $40 million.


Samarkand hosted the 32nd Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD).


Every year, one of the world's most important events brings together politicians, business leaders and experts to discuss measures to create a more sustainable global economy.


In 2023, the session and business forum focused on investing in resilience, an approach aimed at ensuring economic stability in times of crisis and promoting sustainable economic growth.


One of the discussion panels focused on the role of the EBRD as an equity investor.


The panel discussed what the EBRD looks for in equity investments, the investment process and how it works with the companies in which it invests.


The discussion focused on the case of the Korzinka supermarket chain, the largest retailer in Uzbekistan, which attracted $40 million from the EBRD in 2020.


Thanks to this financial support, the retailer has grown from 47 stores in 2019 to 110 stores in 2023.


“Partnership with the EBRD has opened up new opportunities for us and it's not just about money. First of all, this is expertise,” said Zafar Khashimov, founder and chairman of the Supervisory Board of Korzinka.


He said that the deal made it possible to take a fresh look at the business, assess the strengths and weaknesses of the company.


As a result, the partnership enabled to form an effective board and clearly define the strategy, which is successfully being implemented year by year.


“Three years of working with the EBRD has been a very interesting and exciting journey for us. In many ways, we are already a completely different company, but with the same values,” commented the founder of Korzinka.


Tamas Nagy, EBRD's Director of Direct Investment, said they saw great potential for this company to become one of the largest employers, and possibly, one of the largest enterprises in the country.


“This is very important to us. EBRD is first and foremost, an impact investor,” Nagy explained.


He noted that Korzinka is the largest food retailer in the country. By supporting the company, the EBRD has a positive impact on raising quality standards throughout the industry.


“By building a store network and distribution network that is highly cognizant of its environmental impact, carbon emissions and energy efficiency, we believe we will set an example for others to follow in the country,” says Nagy.


Paul Foley, an independent member of the Supervisory board of Korzinka, noted that the EBRD investments helped to double the company's business and launch new channels, in particular, e-commerce and b2b.


In general, the participants of the discussion shared their experience of cooperation with the EBRD, discussed the lessons and benefits arising from this.


The full discussion is available on the official EBRD YouTube channel.


For more information:

Press-service of Korzinka supermarket chain

Doniyor Rasulov

Phone: +998 78 140 14 14

E-mail: d.rasulov@korzinka.uz


About the company:

Korzinka is the leader in the retail sector in Uzbekistan. The company was founded in 1996 and currently has 110 stores in 10 regions: Korzinka supermarkets, Smart convenience stores and Korzinka Biznes wholesale store as well as online delivery service Lebazar.